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Page added on November 29, 2007

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Analyst sees oil prices between $75, $85 a barrel


Crude-oil prices aren’t fundamentally sustainable at $90 a barrel, said Thomas Petrie, vice chairman of Merrill Lynch & Co.


Petrie, in an interview Wednesday, responded to comments made earlier by Saudi Arabian Oil Minister Ali al-Naimi, who said there is “no relationship” between today’s price and fundamental supply and demand.


“Is there enough oil produced to meet demand today, and I think the answer is fundamentally yes,” Petrie said. “It is fair to say on a pure supply-and-demand calculation, it would not be unreasonable to expect prices to reach equilibrium at a lower price.”


Petrie said oil prices are at better equilibrium between $75 and $85 a barrel.


…At a 2005 “peak oil” conference in Denver, Petrie said world oil production could peak between 2010 and 2015, with a subsequent gradual decline in oil supplies and higher prices.


“This is not a catastrophe,” he said at the conference, “but the time to deal with it has come.”


Denver Post



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